I recently recovered from analysis paralysis and I'm putting myself out there as a wholesaler in my area. I recognize that marketing is the best way to find and make deals. One route I'm interested in is direct mail. In your opinions, are there particular modifiers to create your target market, when creating mailing lists? Ie zip codes, household income, age.
Also, if you can suggest or share the list services you all use so I can research and compare, that'd be helpful as well.
I think most people use Listsource.com for their lists.
I am currently working from a list that breaks down like this...
- 1 particular school district (high desirability factor)
- absentee owners
- possibility of 50% equity (deed date before 12/31/2000)
- I'm screening out the following types of owners...
- LLC's and other businesses
- Bank/Lender held properties
I would really encourage you to visit the yellowletters.com website. Mike Quarles has a lot of information out there that is invaluable.
thanks so much for sharing. I never even considered looking into the equity of the home.
Analysis Paralysis is a momentum killer. I was there for about 2.5 months!!!
It's not necessary to look for equity (and, of course, the deed date isn't a guarantee, because people could have refi'd or gotten a HELOC), but it opens up different strategies. If I'm looking at a buy & hold or "wholetail" type of deal, I can go with less equity, because I can use some creative financing options like Subject-2 or Land Contract. However, if I'm just Wholesaling or Fix-n-Flip, I need to ensure we're not going to be upside down on the mortgage, because most distressed owners aren't going to want to or be willing to come to the table with a lot of cash.
great insight, thank you again. I finally got the list. I based it on the areas I want to target and other modifiers based on what the buyers want in the area. It feels good to progress, you know. I'm crossing fingers I work a deal soon. For now, I'm expecting the process.
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